Wednesday, April 24, 2019

China’s Forex Regulator Develops Blockchain Trade Finance Solution Pilot

China 'with the base data data transfer change the outside , the State Administration of Foreign Exchange (SAFE), is set to pilot a cross-border trade finance platform block . The news was reported by local financial news agency CNStock on April 24.

According to the report, working on this database, has been implemented with the database of Hangzhou Blockchain Technology Research Institute.

These versions, also know with Chinese Banknote, Blockchain Technology Research Institute, validated made tools for the implementation of programs in Chinese Banknote Printing and Minting Corporation, which was removed to the People's Bank of China ( PBOC )

is Executable on server, paper-based processing, current import of this database is determined by the work status successfully with authentication and success, incomplete data sharing.

In order to initiate the Transaction transaction of the Transaction transaction, the data can be logged in a cryptographically protected partition partition to allow real-time and in the data to generate notifications and write reports. It is possible to implement implementation and security and reduce costs.

Database reports are sized to implement an account interface - which automatically determines the authenticity of regular accounts and corresponding accounts, thus Prevent double or over-limit, according to After logging in,

the blockchain system provides manageability determination, and can not be authenticated

Working basic mode has been implemented, SAFE reportedly intends to pilot six months in project for three major trading provinces - Jiangsu, Zhejiang and Fujian - and two cities, Shanghai and Chongqing.

After performing the implementation, the database is expected to receive the country. You will be further determined to be supportive of continuing work from other databases, contained by Bank of China, the report.

As previously reported , a trade finance blockchain platform for cross-border trading across Guangdong, Hong Kong and the Macau Bay Area - backed by the PBoC - was piloted in September 2018.

source: Marie Huillet

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